Illinois General Assembly - Full Text of HB3600
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Full Text of HB3600  102nd General Assembly

HB3600 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3600

 

Introduced 2/22/2021, by Rep. Mark Batinick

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Taxing Body Refinancing by Popular Vote Act. Provides that no taxing district may renew or refinance its indebtedness in a way that requires the extension of property taxes for the payment of debt service in a taxable year that is later than the taxable year in which the indebtedness would otherwise mature unless the question of such renewal or refinancing is submitted to the electors of the district at a regular election and approved by a majority of the electors voting on the question.


LRB102 14060 HLH 19412 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3600LRB102 14060 HLH 19412 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Taxing
5Body Refinancing by Popular Vote Act.
 
6    Section 5. Referendum required. No taxing district may
7renew or refinance its indebtedness in a way that requires the
8extension of property taxes for the payment of debt service in
9a taxable year that is later than the taxable year in which the
10indebtedness would otherwise mature unless the question of
11such renewal or refinancing is submitted to the electors of
12the district at a regular election and approved by a majority
13of the electors voting on the question. The corporate
14authorities of the district must certify the question to the
15proper election authority, which must submit the question at
16an election in accordance with the Election Code. The election
17authority must submit the question in substantially the
18following form:
19        Shall (taxing district) be authorized to renew or
20    refinance its existing indebtedness in a way that requires
21    the extension of property taxes in (taxable year or
22    years)?
23    Votes shall be recorded as "Yes" or "No".

 

 

HB3600- 2 -LRB102 14060 HLH 19412 b

1    The question shall also include, as supplemental
2information, the disclosure of savings to property taxpayers
3if the indebtedness is not renewed or refinanced.
4    As used in this Act, "taxing district" has the meaning
5given to that term in Section 1-150 of the Property Tax Code.